More Westpoint schemes in trouble

Administrators moved into Westpoint’s North Sydney Finance yesterday as ASIC scrutinised Emu Brewery Mezzanine. North Sydney Finance raised over $12 million from 147 investors to fund a retail/hotel/residential development while Emu Brewery raised $12 million from promissory note holders. Former Westpoint executive director and property financing expert Richard Beck has moved to protect his $23 million property portfolio amassed over the last five years.